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China shares end higher after reserve requirement cut

Mon 7th January, 2019 7:32am
* Shanghai stocks higher, blue-chip CSI300 index up
    * Gains in Shanghai stocks led by Shanghai Zhixin Electric
Co Ltd,
 losses by New China Life Insurance Co Ltd
    * Yuan strengthens to one-month high vs. dollar

    SHANGHAI, Jan 7 (Reuters) - China shares ended higher on
Monday after the central bank moved to support economic growth
with a broad cut in the amount of cash banks must hold as
reserves, but ongoing uncertainty over the economy and outlook
for trade continued to weigh on the market.
 
** At the close, the Shanghai Composite index  .SSEC  was up
0.72 percent at 2,533.09 points.
 
** The blue-chip CSI300 index  .CSI300  was up 0.61 percent at
3,054.30 points, with its financial sector sub-index  .CSI300FS 
lower by 0.23 percent and the healthcare sub-index  .CSI300HC 
up 0.27 percent. An index tracking consumer staples  .CSICS 
gained 1.08 percent.
 
** The People's Bank of China said on Friday it was cutting the
amount of cash that banks have to hold as reserves for the fifth
time in a year, freeing up $116 billion for new lending as it
tries to reduce the risk of a sharp economic slowdown. 
 urn:newsml:reuters.com:*:nL3N1VF3KG But analysts downplayed the impact of the cut to
banks' reserve requirement ratios (RRRs).
 
** "The 100bp RRR cut was largely expected, not a game-changer,"
Nomura analysts said in a note on Monday.
 
** "We expect there to be limited room for the market to
continue to fall from its current position. But the economic and
credit cycles remain in a downturn, corporate profitability and
performance growth are weakening, and there is a limit to
further loosening of macro policy," analysts at Guodu Securities
said in a note.
 
** The smaller Shenzhen index  .SZSC  ended up 1.71 percent and
the start-up board ChiNext Composite index  .CHINEXTP  was
higher by 1.839 percent.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 1.28 percent, while Japan's Nikkei
index  .N225  closed up 2.44 percent.
 
** At 07:19 GMT, the yuan  CNY=CFXS  was quoted at 6.851 per
U.S. dollar, 0.29 percent firmer than the previous close of
6.871. The currency strengthened to a one-month high against the
dollar on Monday.  urn:newsml:reuters.com:*:nL3N1Z71SB
 
** The largest percentage gainers on the main Shanghai Composite
index were Shanghai Zhixin Electric Co Ltd  600517.SS , up 10.14
percent, followed by Lanzhou LS Heavy Equipment Co Ltd
 603169.SS , gaining 10.12 percent, and Fujian Furi Electronics
Co Ltd  600203.SS , up by 10.11 percent.
 
** The largest percentage losers on the Shanghai index were New
China Life Insurance Co Ltd  601336.SS , down 6.72 percent,
followed by Wuhan Hanshang Group Co Ltd  600774.SS , losing 3.82
percent, and Fushun Special Steel Co Ltd  600399.SS , down by
3.28 percent.
 
** So far this year, the Shanghai stock index is up 1.6 percent,
the CSI300 has risen 1.4 percent and China's H-share index
listed in Hong Kong is down 0.1 percent.
 
** About 17.73 billion shares were traded on the Shanghai
exchange, roughly 132.3 percent of the market's 30-day moving
average of 13.40 billion shares a day. The volume in the
previous trading session was 16.89 billion.

 (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))
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